Maintenance capital spending for 2013 is forecasted to be approximately $2.2 million. In addition to the regularly required system hardware and software investments and upgrades, we are planning to replace the conveyor system, which transfers printed papers from our presses into the packaging and distribution centre, at our Winnipeg facility. We anticipate this increased level of maintenance capital investment to continue through the 2014 fiscal year and then return to a more normal level of between $1.0 million and $1.5 million.
With the reduction in required annual principal repayments on our senior debt, required repayments will decrease by $1.1 million in 2013 versus the 2012 level.
We are pleased to announce two important additions to our management group which have taken place during the first quarter. Tim Happychuk was hired to lead our Information Technology team and Tony Leblanc was hired to lead our Audience Development Department. These positions were being temporarily overseen by existing staff. Both come to us with extensive experience and accomplishments in their respective fields and we look forward to their contributions in identifying and executing on opportunities to improve our operations for the future. In addition to these new appointments, Christine Fehler has been promoted to manage the Winnipeg Creative Services Department, a position vacated by George Denoon who accepted the new position of Purchasing Manager.
Additional information including financial statements and management's discussion and analysis can be found on the Company's website at www.fpnewspapers.com or on SEDAR at www.sedar.com.
Caution Regarding Forward-looking Statements
Certain statements in this news release may constitute forward-looking statements within the meaning of applicable securities laws. All statements other than statements of historical fact are forward-looking statements. These statements include but are not limited to statements regarding management's intent, belief or current expectations with respect to market and general economic conditions, future costs and operating performance. Generally, but not always, forward-looking statements will be indicated by words such as "may", "will", "intend", "anticipate", "expect", "believe", "plan", "is budgeting for" or similar terminology.
Forward-looking statements are subject to known and unknown risks and uncertainties that may cause the actual results, performance or achievements of FPI or FPLP, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the current general economic uncertainty, FPLP's ability to effectively manage growth and maintain its profitability, FPLP's ability to operate in a highly competitive industry, FPLP's ability to compete with other forms of media, FPLP's ability to attract advertisers, FPLP's reliance upon key personnel, FPLP's relatively high fixed costs, FPLP's dependence upon particular advertising customer segments, indebtedness incurred in making acquisitions, the availability of financing for capital improvements, costs related to capital expenditures, cyclical and seasonal variations in FPLP's revenues, acts of terrorism, the cost of newsprint, the potential for labour disruptions, the risk of equipment failure, and the effect of Canadian tax laws. Additional information about these and other factors is discussed under "Risk Factors" in FPI's Annual Information Form dated March 15, 2012, which is available at www.sedar.com.
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